Good Lord the cretins are out in force today.
Third the Bank of England should regain control over interest rates – all rates. The interbank lending rate (Libor) should no longer be set by a committee of private bankers meeting daily at the British Bankers Association. They must be set by a committee accountable to society, and, when setting rates, must consider the interests of all who make the economy work – labour and industry – not just finance.
LIBOR isn\’t set by such a committee. It is reported by such a committee. It\’s set by the market.
And what is this "the Bank of England should regain control over interest rates – all rates"? Does this woman not know that no central bank has ever controlled all rates? The most they can ever control is the ones at which the themselves are willing to lend? That is, the Bank Rate?
How in buggery is some committee, some bureaucracy, the government itself, to set long term interest rates?